- Conversion to Thrift Institution Optimizes Governance Structure,
Increases Efficiencies -
CALABASAS, Calif., March 5 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC), a diversified financial services
provider and a member of the S&P 500, announced that the Office of Thrift
Supervision (OTS) had formally approved the Company's application to
convert its existing national bank charter to a federal savings bank
charter earlier today.
Effective March 12th, Countrywide Bank, N.A. will begin to operate as a
federal savings bank under the name Countrywide Bank, FSB, and Countrywide
Financial Corporation will hold a savings and loan holding company
designation, with the OTS regulating both entities. The company originally
announced plans to file a conversion application with the OTS in November
of 2006.
"The conversion to a savings bank charter better aligns the regulatory
supervision of the Company with our strategic objectives, and will help us
better leverage our real estate finance-focused business model for
competitive advantage in the current market place," said Angelo R. Mozilo,
chairman and CEO of Countrywide Financial Corporation.
"Countrywide remains committed to upholding strong financial controls
and a comprehensive governance structure," said David Sambol, president and
COO of Countrywide Financial Corporation. "Because of their deep expertise
and knowledge of the housing market, we believe the OTS will assist us in
continuing to fulfill this commitment in an efficient manner."
The conversion will not impact Countrywide's retail banking customers
or their depository accounts.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a diversified
financial services provider and a member of the S&P 500, Forbes 2000 and
Fortune 500. Through its family of companies, Countrywide originates,
purchases, securitizes, sells, and services prime and nonprime loans;
provides loan closing services such as credit reports, appraisals and flood
determinations; offers banking services which include depository and home
loan products; conducts fixed income securities underwriting and trading
activities; provides property, life and casualty insurance; and manages a
captive mortgage reinsurance company. For more information about the
Company, visit Countrywide's website at http://www.countrywide.com.
This Press Release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
regarding management's beliefs, estimates, projections, and assumptions
with respect to, among other things, the Company's future operations,
business plans and strategies, as well as industry and market conditions,
all of which are subject to change. Actual results and operations for any
future period may vary materially from those projected herein and from past
results discussed herein. Factors which could cause actual results to
differ materially from historical results or those anticipated include, but
are not limited to: competitive and general economic conditions in each of
our business segments such as slower or negative home price appreciation;
changes in general business, economic, market and political conditions in
the United States and abroad from those expected; loss of investment grade
ratings that may result in an increase in the cost of debt or loss of
access to corporate debt markets; reduction in government support of
homeownership; the level and volatility of interest rates; changes in
interest rate paths; increases in the delinquency rates of borrowers;
changes in generally accepted accounting principles or in the legal,
regulatory and legislative environments in the markets in which the Company
operates; the ability of management to effectively implement the Company's
strategies; and other risks noted in documents filed by the Company with
the Securities and Exchange Commission from time to time. Words like
"believe," "expect," "anticipate," "promise," "plan," and other expressions
or words of similar meanings, as well as future or conditional verbs such
as "will," "would," "should," "could," or "may" are generally intended to
identify forward-looking statements. The Company undertakes no obligation
to publicly update or revise any forward-looking statements.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Media, Amber V. Cousins, +1-800-796-8448,
pressroom@countrywide.com, or Investor Relations,
+1-818-225-3550, ir@countrywide.com, both of Countrywide
Financial Corporation
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